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The Journal Editorial Report

News/Business. Paul Gigot discusses news, politics, society and finance. New. (CC) (Stereo)

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00:30:00

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Virtual Ch. 760 (FOX NEWS HD)

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mpeg2video

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ac3

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1280

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720

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Paul 17, Jack Lew 7, Marco Rubio 3, New York 3, Garth 3, Citi 2, Gaviscon 2, Tobligations 1, Fixodent 1, Us 1, Eveone 1, Broccoli Alfredo 1, Diabetes 1, Citigroup 1, Texas 1, Blisters 1, America 1, Hives 1, Tandem 1, Washington 1,
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  FOX News    The Journal Editorial Report    News/Business. Paul Gigot discusses news,  
   politics, society and finance. New. (CC) (Stereo)  

    February 3, 2013
    12:00 - 12:30pm PST  

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what gets left out of the nation's public record. she won a pulitzer prize about a forgotten regimen that fought in the civil war. >> we know it's our duty to keep white men as prisoners, rebel prisoners. >> chris: she wrote that in the library reading room. she would look up at a pillar marked poetry. >> now when i do it i can't see the word poetry so clearly, but i have faith that it is there. >> chris: so she will continue to cheer lead for an art form for you to slow down and contemplate in a world that doesn't always view that. >> trying to find a way to say what things so necessary to be said but so difficult also. to someone that i can speak intimately across time and space on the page, that is thrilling
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to me. >> chris: she works out of the attic in the library of congress. she has set up office hours there for people that want to come and discuss poetry. that is it for today. have a great week. and we'll see you next fox news sunday. >>. >> paul: this week on the editorial report. immigration debate heats up as both sides stake out positions. possibilities this time around. and remember those fat cat bankers president obama used to talk about? well, he has nominated one for his treasury-secretary. we'll dig deeper in jack lew's tenor at citibank. and president weighs in on
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football violence. he is not sure he would let his son place. should you,? >> paul: welcome to the joushlg editorial reported. i'm paul gigot. as a bipartisan group of senator layout an immigration reform deal. a day before president obama took up the issue in a las vegas speech. the road is frar smooth what to do with illegal immigrants already in the country and how easy their path to citizenship should be. >> if this endeavor becomes a bidding war to see who can cop up with the quickest and cheaper to green card, this is not going to go well. >> we have to deal with the 11 million individuals who are here illegally. we all agree that these men and women should have to earn their
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way to citizenship, but for comprehensive immigration reform to work, it must be clear from the outset that there is a pathway to citizenship. >> patti ann: joining the --. >> paul: panel james free, man and jason you have followed this for year. what is the substantive policy case for immigration reform out of washington. >> policy wise, i think that they help our economy. >> legal or illegal. >> giving foreign workers access to our labor markets makes those markets more efficient and make us more productive country economically. that has been the case for hundreds of years in this country. just as the free trade of goods and services makes our economy more efficient so does the free
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movement of labor across international borders. that the is the economic case. these workers are filling niches in our labor market. >> paul: but they are already here. so 11 million is the estimate. why just not settle for the status quo rather than put them on a legal path and change the law? >> first of all, if they are here illegally, they are open to exploitation by employers. we don't want that. the economy has absorbed those that already here, but our economy will continue to grow, maybe not as much as we like under the current president. we will grow again and have a need for more workers. we need a legal way for them to come. >> we need skilled workers, scientists and engineers because we are not graduating enough americans but low skilled work is foreindustries like farm labor, hospitality, construction
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and lots of other things? >> let's emphasize this point. we're not talking about a marginal matter in the economy. these workers are integral to the economy in states like georgia, and iowa. meat packing in alabama, chickens, texas, construction. all those industries employ a lot of these low skilled immigrants. some of them are illegal and some of they will legal but integral part of restaurants. restaurant industry in new york would collapse over night if they weren't there. the issue is whether americans will take those jobs is unclear. the evidence is they won't. those industries can't remove these immigrants and replace them with american workers. >> paul: i think it's clear on agriculture where the lack of farm workers which have caused many american growers move south of the border? >> economists are worried about using the word need. would we survive if we sealed
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our border, sure, but what would be better off with the workers doing certain jobs? do we want people with high school degrees or college education in the field picking crops? what would do, if you paid them right, but what would that do to the cost of going out to dinner at a restaurant. you can't just increase prices willy-nilly. >> we want a free labor market with a lot of opportunities for people and then people able to fill those openings. let's talk about the politics. have the politics changed on immigration in 2007 when it last went down in flames? >> on the democratic side we'll see if president obama who helped kill that reform now wants to play a constructive role in this one. on the republican side, maybe this is one benefit of the election where there were a lot of people coming out afterwards
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with crazy lessons for the g.o.p.. the problem was really mitt romney. this is one area of reaching out to hispanic voters. >> not just hispanics but asian immigrants. >> all different ethnic groups where the political desire may match up with the public policy. julian simon used to talk about human beings are the greatest natural resource. what is our advantage over the competitors. in the obama years, it's tough but our population is still growing. >> paul: another big change, marco rubio, no question about his conservative credentials leading the fight on this at some political risk. >> yeah, you have to give him some credit for doing that. i think he is trying to get this problem off the republicans' back because it is damaging them in these elections. there is no question about it. some on the right.
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hispanic voters will never voted entirely for the republican party. they need them all. they need them back above 40% which is the number george w. bush, not 25%. >> paul: where could this break down? >> i think marco rubio and the bipartisan group out of the senate gave a lot of ground with the guest worker program. in terms, legalization the path to citizenship. under the bipartisan plan, these folks will get probationary status right away. the whole disagreement is how they get from there. >> paul: democrats want it almost immediately. >> republicans want it lodger. >> marco rubio says you need to go back the line. and then the potential guest
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worker program. big labor doesn't want that kind of guest worker because why, they wouldn't be union workers? >> that is the key to making this work going forward. getting in place a legal system for people to come so they don't come illegally. that works in tandem with securing the border. there is less pressure on the border if people are coming legally. >> paul: that is part of the border security solution. all right. thank you. remember those fat cat bankers, president obama blamed for the financial meltdown. one of them is about to be treasury-secretary. when we come back. we'll take a look at jack lew's we'll take a look at jack lew's time at cit [ wind howls ] [ dog barks ] ♪ ♪ [ male announcer ] something powerful is coming.
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>>. the american people will not tolerate such arrogance and grief. the road to recovery is that we all act responsibly from main street to wall street. >> yet some people on wall street who took these
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unbelievable risks with other people's money. >> it's also imperative those in wall street board rooms and on trading floors be held accountable for decisions they make. >> paul: president obama criticizing what we famously called fat cat bank cats on wall street. now it appears one of them will likely be our next treasury-secretary. president's nominee for that post is none other than jack lew the chief of staff and former executive at citibank, most trouble of too big to fail banks. "wall street journal" editorial editor, james freeman has been looking into mr. lew's time at citibank. let's put this into context. citibank was particularly big player in the financial crisis. >> that is right. one of the banks of the center of the mortgage melt down, in 2007, citi was one of the first
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to have difficulties when they been managing these off balance sheet vehicles to invest in mortgages. those started to go south. they ended up at the end of that year having to take them in-house again and stand behind them which put a lot of financial pressure on the firm. i think this is going to be a test, nomination whether they are still outraged about the bailout. >> paul: they had a $45 billion taxpayer injection and guarantee of $300 billion in bad loans. there is no question in mind, citibank would have failed without federal intervention? >> i think it would. the question in my mind is whether they should have let it fail. sheila bair thought so but she was opposed by other people in the administration. let's get to jack lew? >> maybe the most interesting job in early 2008 he takes the
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helm of alternative is investments that ran hedge funds and exotic balance vehicles. it was basically a unit if it wasn't the inspiration for the volcker rule that wanted to stop banks from gambling with taxpayer's money. >> paul: the defense of him would be he came on in 2008 and all the bad decisions had already been made. you can't blame jack lew for other bankers did? >> he is now setting himself up. he is now --. >> paul: is that a fair point in his defense? >> it is fair because a lot of bad bets were already made. whether they could have made some different decisions starting in early 2008, possibly, but i think the key issue for them, his job as
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secretary of treasury would basically be in charge of spotting risks in the financial marketplace. he is running something called the financial stability oversight council. this is deeming certain companies and identifying risks. was he able to identify any risks at citigroup? >> paul: did he see the iceberg coming. >> right. >> paul: and what would he do if it was headed towards the stocks. >> did he have no idea the risks they were running. no, i saw the risks, why didn't he say anything. i don't remember him being a big whistle-blower in 2008. there are difficult questions for him and this was not a his first job at citi. in 2006 when he first started to there he ran their private wealth and chief operating
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officer wealth management division. >> paul: they had been sued for selling bad assets that they knew bad and that is the law going through courts right now. >> they have paid $85 million in settlements, undisclosed number of private settlements. they will be paying more. the question is, what did he think, were they mistreating customers, were they pushing people in risky investments. >> paul: how big of an issue is it going to be in the confirmation? >> i think it october to be a big issue. he was overseeing their legal affairs. >> we have argued that you can't hold bankers responsible by themselves. the federal government had a big role. >> we said look there is greed on wall street. there always has been. that is part of the story. there are a lot of regulator mistakes that got us there but to say someone shouldn't be
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prosecuted is different than saying he ought to be secretary of treasury. >> paul: and his experience and expertise ought to be challenged. >> i think it will be. the senate is focused on chuck hagel. one they move on jack lew, there could be questions. >> paul: thanks a lot. president obama says that although he is big fan, he would have to think twice before letting his son play football. a closer look at violence in the game and whahahahaha so...how'd it go? well, dad, i spent my childhood living with monks learning the art of dealmaking. you've mastered monkey-style kung fu? no. priceline is different now. you don't even have to bid. master hahn taught you all that? oh, and he says to say (translated from cantonese)
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>>. >> paul: well, just in time for superbowl sunday, president obama weighing in on the subject of violence in football. president father to two daughters, told the new vii interview.
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>> quote, i'm a big football fan but if i had a son i would have to think long and hard before i would let him play football. we're back with the panel. james, was the president right here to maybe not let his son play. >> think long and hard about anything your kids want to do. something that should be injected is relative risks. judging from his vacation photos i think he likes to ride a bicycle, it kills more than 700 people a year. if he thinks long and hard. >> but the issue is whether you want young kids with growing brains whacking each around in the head and undergoing concussion risks. are those concussion risks severe of any, play something else? >> this is big question. we have seen a bunch of n.f.l. players develop problems after playing, guys who played a long
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time in the league. a brain, sites are trying to get a handle on it. is this a real risk for young people? it may be thising on to be studied. when you look at the data in terms college athletes, certainly football is a violent game but not that much higher than soccer and field hockey where kids get injured and get concussions. i think a little relative risk assessment is in order here. >> i think one question i have is how much obama's comments is shared by the general public, particularly middle-class. i think the research they have been looking at is a growing body is not conclusive, but it shows from what i've read even blows that do not result in
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concussion that do not show up in concussion data can cause serious brain trauma. can cause neurological disorders and sometimes we watch these football games. and we look the wide receiver running the cross pattern and corner back lines them up or a quarterback blind-sided. it's really the linemen that these the studies show that play after play are doing less violent hitting but constant hitting throughout their careers >> paul: dan, what do you think? >> i think the problem must lies with professional football. they are the guys that are trying to use their helmets steering people and hitting one another. it's absolutely as hard as they can. it translates down to pop warner league and high school where
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kids start icing technique that has are absolutely the incorrect way to play football. the pros don't care. these guys are killing one another. >> in order to make millions of dollars a year. >> obama made that point. she more worried about college player. >> i played high school football and a little bit in college, some people say maybe i have brain damage too. [ laughter ] >> paul: i know hundreds of people that played. i don't know anybody that has that injury like that. maybe it's the thing people don't talk about. you get other benefits of teamwork. it's something to do after school. i don't know what i would have done after school. that is great, particularly young boys they need that activity. >> they need to run into things. that is how young boys are. unless you get a say we are eliminating sports and eliminating activities, bicycling, as i said if you are
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parent there is more imminent risk of death for your child. it ought to be considered there are virtues to this game, but we don't know what the risks are. i talked to thomas mccallister a darted mouth researcher, he has been measuring impact but whether it hurts people long term, month ho knows. >> paul: we have to take one more break. when we come back, hits and misses of the week. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. that your mouth is under attack, from food particles and bacteria. try fixodent. it helps create a food seal defense for a clean mouth and kills bacteria for fresh breath. ♪ fixodent, and forget it.
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>>. >> paul: time for mitts and misses. >> you talk about misses, new york governor andrew cuomo pushed through a big gun control law in the new york state legislature. the poll dropped 15 points. there are few things in politics that can cause your approval

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